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Contrary to mainstream economists, credit expansion that is not backed by real savings leads ultimately to an economic downturn.

Contrary to mainstream economists, credit expansion that is not backed by real savings leads ultimately to an economic downturn.

Contrary to mainstream economists, credit expansion that is not backed by real savings leads ultimately to an economic downturn.

Contrary to mainstream economists, credit expansion that is not backed by real savings leads ultimately to an economic downturn.

Contrary to mainstream economists, credit expansion that is not backed by real savings leads ultimately to an economic downturn.

Contrary to mainstream economists, credit expansion that is not backed by real savings leads ultimately to an economic downturn.

Contrary to mainstream economists, credit expansion that is not backed by real savings leads ultimately to an economic downturn.

Contrary to mainstream economists, credit expansion that is not backed by real savings leads ultimately to an economic downturn.

Contrary to mainstream economists, credit expansion that is not backed by real savings leads ultimately to an economic downturn.

Contrary to mainstream economists, credit expansion that is not backed by real savings leads ultimately to an economic downturn.